| 研究課題/領域番号 |
23K12504
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| 研究種目 |
若手研究
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| 配分区分 | 基金 |
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| 審査区分 |
小区分07060:金融およびファイナンス関連
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| 研究機関 | 早稲田大学 |
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研究代表者 |
安 真理子 早稲田大学, 総合研究機構, その他(招聘研究員) (70974757)
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| 研究期間 (年度) |
2023-04-01 – 2027-03-31
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| 研究課題ステータス |
交付 (2023年度)
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| 配分額 *注記 |
2,340千円 (直接経費: 1,800千円、間接経費: 540千円)
2026年度: 390千円 (直接経費: 300千円、間接経費: 90千円)
2025年度: 390千円 (直接経費: 300千円、間接経費: 90千円)
2024年度: 390千円 (直接経費: 300千円、間接経費: 90千円)
2023年度: 1,170千円 (直接経費: 900千円、間接経費: 270千円)
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| キーワード | data analysis / corporate ownership / ownership structure / Corporate Ownership / Social Performance / Financial Performance / CSR / Corporate Governance |
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| 研究開始時の研究の概要 |
東京証券取引所は2022年４月に市場区分の変更を実施したが、これに伴い上場制度で定める流通株式の定義を見直したため、東証上場企業の一角は、上場維持基準を充足するために株主構造を変革することを余儀なくされた。本研究では東証の新ルールを株主構造に対する外的ショックとして捉え、これをきっかけとする株主構造の変化が、企業行動にどのような変化をもたらしたのかについて明らかにする。最初に、①新ルール導入の前後で企業の株主構造がどのように変化したか、について明らかにする。①の研究結果を踏まえ、②株主構造の変化とソシアル・パフォーマンスの関係、③株主構造の変化と財務パフォーマンスの関係を分析する。
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| 研究実績の概要 |
This project aims to provide insights into how changes in ownership structure affect corporate decisions. The uniqueness of this project is the use of a new regulation introduced in Japan in 2022, triggering the ownership structure of a wide range of public companies. Since regulations that affect the ownership structure of numerous companies are rare, a careful examination of how a firm's ownership structure evolves under the new regulation is a key theme of this project. After a thorough examination and comparison of several datasets that can be used for this project, I have come to the conclusion that the proprietary dataset of Toyo Keizai Inc. is the most desirable data for this study. By using a part of the KAKENHI funding, I have acquired from Toyo Keizai an ownership dataset covering the top 30 shareholders of all Japanese listed companies over the six-year period from March 2017 to March 2023. I am in the stage of exploratory data analysis (EDA), running tests to confirm the structure and the quality of the dataset. Inspecting the data has revealed that there are a number of missing values and entry errors. After omitting the erroneous data, a full refined dataset will be prepared for the next step of a tips case study where a fraction of the dataset will be used to develop and refine an analytical model.
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| 現在までの達成度 (区分) |
現在までの達成度 (区分)
3: やや遅れている
理由
The progress of this research project is slightly delayed compared to my original plan. Due to conflicts with other research projects, I haven't been able to allocate enough time to make good progress on this project. I will try to resolve the delay in the summer of 2024.
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| 今後の研究の推進方策 |
The first milestone aimed for the second half of 2024 is to complete the exploratory data analysis and determine the model to analyse the association between the evolution of ownership changes triggered by the new regulation and a set of variables describing firm characteristics. The refined dataset, which will be categorised into founding-family ownership, managerial ownership, business group owners and asset managers, will be used to determine whether or not there is a systematic pattern of changes in ownership that can be explained by firm characteristics. The first draft of this paper should be completed by the end of 2024. The paper will then go through improvements via academic conference presentations in the following year.
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